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Table VII - 13 <br /> Net Impact Cost per Functional Resident <br /> Impact <br /> Impact Cost / Credit Element Cost Revenue Credits <br /> Impact Cost <br /> Total Impact Cost per Functional Resident( t ) 1 $255 . 10 <br /> Impact Credit <br /> Average Annual Capital Improvement Credit per Functional Resident(2) $ 5 . 54 <br /> Capitalization Rate 5 % <br /> Capitalization Period ( in years) 25 <br /> Capital Improvement Credit per Resident(3) ($ 78 . 08 ) <br /> Effective Vacant Land Value Percentage(4) 0 .48 % <br /> Credit for Past Property Tax Payments on Vacant Land(5 ) ( $ 1 .23 ) <br /> Total Revenue Credit per Functional Resident(6) ($ 79 .31) <br /> Net Impact Cost <br /> Net Impact Cost per Functional Resident�7) $ 175. 79 <br /> ( 1 ) Source : Table VII-9 <br /> ( 2 ) Source : Table VII - 11 <br /> (3 ) Average annual capital improvement credit per functional resident (Item 2 ) over a <br /> capitalization rate of 5 percent for 25 years . <br /> (4) Source : Table VII = 12 <br /> (5 ) Effective vacant land value percentage (Item 4 ) multiplied by total impact cost per <br /> functional resident ( Item 1 ) . <br /> ( 6) Sum of capital improvement credit per resident ( Item 3 ) and for past property tax payments <br /> on vacant land (Item 5 ) . <br /> ( 7) Total impact cost per functional resident (Item 1 ) less the total revenue credit per functional <br /> resident ( Item 6 ) . <br /> Proposed Fire/ EMS Impact Fee Schedule <br /> As presented in Table VII - 14 , a Fire/EMS impact fee schedule was developed for <br /> residential and non - residential land uses , based on the net impact cost per functional <br /> resident presented in Table VII - 13 . The total impact fee for each land use also includes a <br /> 3 percent administrative fee . <br /> Tindale -Oliver & Associates , Inc . Indian River County <br /> May 2005 VII - 15 Impact Fee Study <br />